Felix Pago, a WhatsApp-based money-transfer startup, raised $200 million in a Series C funding round, according to Bloomberg. The round included $87 million in equity led by Andreessen Horowitz and a $113 million credit line from General Catalyst's Customer Value Fund. Previous investors including QED Investors, Castle Island Ventures, and Switch Ventures also participated, along with Contour Venture Partners and Endeavor Catalyst. The company plans to use the funding to expand beyond remittances into services such as lending and savings for Latin American immigrants in the US, and to develop an AI-powered financial assistant.
Felix Pago Secures $200 Million Series C from Andreessen Horowitz and General Catalyst
The Series C round totaled $200 million, with $87 million in equity led by Andreessen Horowitz and a $113 million credit facility provided by General Catalyst's Customer Value Fund. Felix Pago has processed more than $8 billion in money transfers to date and has processed transactions for more than 6 million people across the Americas. The company stated the raised capital will support investment in artificial intelligence, engineering, and financial infrastructure to expand its existing money-transfer business.
Felix Pago Currently Operates in 11 Latin American Markets
Felix Pago currently connects people in the United States with 11 markets in Latin America: Mexico, Guatemala, Honduras, El Salvador, Nicaragua, Colombia, the Dominican Republic, Costa Rica, Brazil, Ecuador, and Peru. Rather than entering new geographic markets, the company plans to use part of the new funding to deepen its presence in these existing markets and expand its product offering — including lending, savings, mobile top-ups, and an AI-powered financial assistant — for the more than 6 million customers it already serves across the Americas.
Felix Pago Operates WhatsApp-Based Stablecoin Remittance Service
Felix Pago provides financial services through a conversational WhatsApp-based platform, utilizing stablecoin technology for cross-border transactions. CEO and co-founder Manuel Godoy said the conversational interface was designed in part to address immigrants' preference for personal interaction when handling money: "This conversational experience really gives people the feeling that they are talking to a real person, even though it's a chatbot." The company competes with fintechs such as Remitly and Wise, as well as crypto exchanges like Bitso, for a share of the Latin American remittance market, estimated at more than $160 billion a year.
FAQ
How much funding did Felix Pago raise, and in what round?
Felix Pago raised $200 million in a Series C round, consisting of $87 million in equity led by Andreessen Horowitz and a $113 million credit facility from General Catalyst's Customer Value Fund.
Which markets does Felix Pago operate in?
Felix Pago currently operates in 11 Latin American markets: Mexico, Guatemala, Honduras, El Salvador, Nicaragua, Colombia, the Dominican Republic, Costa Rica, Brazil, Ecuador, and Peru. The new funding will primarily be used to expand its product offering, such as lending, savings, and an AI assistant, rather than to enter new countries.
